Chelsea have always been very successful in terms of player sales, which have generated far more money for the club than ticket sales over the last decade.
''The 22 Holdco business model is similar to that of a hedge fund in that signing young players on long-term contracts can be very profitable and reduces the chances of players leaving on a Bosman deal for no fee. ''
Now that model is pretty well fucked, and everything is threatened, even attracting a new high-profile manager, without Champions League football.